Speaking at the Indian Institute of Science (IISc), the Netherlands Prime Minister Jan Peter Balkenende said that India is well on its way to becoming a global economic and political power. Quoting experiences from Europe in cutting the red tape, clearing obstacles to trade, and increasing the flexibility of job markets, he said that these are relevant to India also. He said the prosperity of India does not mean fewer jobs for Europe-- Netherlands continues to be the sixth largest exporter in the world. A recent study in the Netherlands said that only 1-2% of jobs were lost to outsourcing in India but new jobs were also created by Indian multi-nationals such as Mittal Steel and Tata Consultancy Services. He praised India for its rapid economic progress in the last 15 years and also moving millions above the poverty line. He said that Indians, with their self-confidence and determination, are skilled and less expensive, making them an ideal employee of any quality company. The Netherlands is the third largest investor in India ranked as one of the top five countries to invest by UNCTAD.